Risk assessment is a step in a risk management procedure. Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat (also called hazard). Quantitative risk assessment requires calculations of two components of risk: R, the magnitude of the potential loss L, and the probability p, that the loss will occur.
Methods may differ whether it is about general financial decisions or environmental or public health risk assessment.
(From: http://en.wikipedia.org/wiki/Risk_assessment )
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